refurbished NAD M5 vs new SCD-XA5400ES

They are probably both good choices. The NAD Master Series stuff is great, very well reviewed. I own the M5 and love it. I bought new, you only loose one year of warranty on refurbished. I am hearing good stuff on the new Sony also, I have no way to compare. One paper it looks to me the NAD is a better built unit, as the Master Series stuff is exceptional in this area. The Sony ES stuff is a 5 year warranty I believe. You can find some thoughts on the M5 also over on Audio Asylum in the SACD/Hi Rez section if you do a search. Tough choice. I believe at this level of performance from either of these, you can spend more, but have to decide if it is worth it to you. Price wise the list on the M5 is $1800, and that may have gone up, so it is certainly not a budget unit, and since NAD and Sony are larger then many audio companies, you will usually see generous discounts on both brands.

The NAD does look better built. I was wondering if the Sony just had some new technology that makes it better sounding just cause its newer.

Eg. it has the Dual R-Core Power Transformers which I have no clue what they are!!!

Curious if you need balanced outputs. The Sony cd players
usually do not have this. Also the NAD does HDCD and SACD
discs. You do not see that on many players. Tough choice.
I have used an M5 and it was surprised me.

The sony SACD players are good. The NAD M5 was also very good on redbook.

FOLLOW UP.........I just checked the Sony website.
I see the new SACD player DOES have balanced out.

INTERESTING.............

Yes The M5 has balanced out, as the M3 Integrated has balanced in. I forgot about the HDCD, and HDCD is not totally dead. The latest Gold Cd releases from Audio Fidelity, mastered by Steve Hoffman are HDCD. My guess is they both have strengths, and you will always have someone either that does not like a unit, while the next guy says it blows everything away ? Crazy Hobby !